Hospitality

JLL Arranges $260M Loan for Refinancing of Sheraton New York Times Square Hotel

by Taylor Williams November 16, 2023

NEW YORK CITY — JLL has arranged a $260 million loan for the refinancing of the 1,780-room Sheraton New York Times Square hotel, which is located at 811 Seventh Ave. in Midtown Manhattan. The 50-story hotel features a fitness center, business center, 61,800 square feet of meeting and event space and multiple onsite food and beverage options. Kevin Davis, Mark Fisher and Russell Freed of JLL arranged the four-year, floating-rate loan through funds managed by affiliates of Fortress Investment Group. The borrower, a partnership between hospitality owner-operator MCR Hotels and global investment firm Island Capital Group, acquired the hotel in April 2022.

November 16, 2023

California Development Hospitality Loans Western

Greenrock Capital, Petros PACE Arrange $62.6M C-PACE Financing for Appellation Healdsburg Hotel in Sonoma County

by Amy Works November 14, 2023

HEALDSBURG, CALIF. — Greenrock Capital and Petros PACE Finance have arranged $62.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the construction of the Appellation Healdsburg in Sonoma County. CCS Healdsburg Hotel LLC — a partnership between Comstock Development Co., Wine Country Holdings (an affiliate of Appellation) and HVH Investment — will develop the property for the new culinary-forward luxury hotel brand and operator, Appellation. Slated to open in 2025, the 108-room hotel will offer a 160-seat Charlie Palmer signature restaurant and bar, a rooftop bar, fitness club, spa, two pools and 15,000 square feet of meeting and event space. The project is being developed as part of the broader North Village mixed-use master plan, which is located two miles north of downtown Healdsburg.

November 14, 2023

California Development Hospitality Restaurant Retail Top Stories Western

Hard Rock, Steinhaur to Co-Develop 31-Story Hard Rock Hotel Long Beach in Southern California

by John Nelson November 14, 2023

LONG BEACH, CALIF. — Global hotelier Hard Rock International has partnered with development firm Steinhauer Properties to develop Hard Rock Hotel Long Beach, a 31-story hotel in downtown Long Beach. The hotel will be situated adjacent to the Long Beach Convention & Entertainment Center along East Ocean Boulevard. Hard Rock Hotel Long Beach will include approximately 427 rooms and suites, including a Rock Star Suite. The hotel will also feature the tallest open rooftop bar on the Southern California coast, as well as an outdoor swimming pool with an amenities deck. The co-developers plan to break ground on the hotel in summer 2024 with plans to open the property in spring 2027. The new development is expected to create approximately 3,100 construction jobs and approximately 500 permanent positions once operations begin in 2027. The hotel represents the first new full-service hotel to be built in Long Beach in 30 years and the first new Hard Rock hotel in Southern California in almost a decade, according to Hard Rock. Amenities will also include Body Rock Fitness Studio, two onsite restaurant options and a Rock Shop that will sell Hard Rock merchandise and other items. The new property will also feature a …

November 14, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $7.6M Sale of Best Western Hotel in Tampa

by John Nelson November 10, 2023

TAMPA, FLA. — Marcus & Millichap has brokered the $7.6 million sale of a 54-room Best Western hotel in Tampa. Built in 2000, the property is located at 734 S. Dale Mabry Highway. Amenities at the hotel include a fitness center, business center and a swimming pool. Robert Hunter and Leo Reilly of Marcus & Millichap’s Fort Lauderdale office arranged the sale on behalf of the undisclosed seller. An out-of-state limited liability partnership acquired the property.

November 10, 2023

Development Hospitality Texas

Investors Open 61-Room Hotel Lucine in Galveston, Texas

by Taylor Williams November 10, 2023

GALVESTON, TEXAS — A group of private investors with longstanding ties to the hospitality industry has opened the 61-room Hotel Lucine in Galveston. Designed by Austin-based Kartwheel Studio, the hotel is a redevelopment of the Treasure Isle Motel, which was originally built in the 1960s. Amenities include a pool and multiple onsite food-and-beverage options.

November 10, 2023

Acquisitions Hospitality Massachusetts Northeast

JLL Brokers Sale of 100-Room Marriott-Branded Hotel in Southern Massachusetts

by Taylor Williams November 9, 2023

MIDDLEBOROUGH, MASS. — JLL has brokered the sale of the 100-room Fairfield Inn & Suites Raynham Middleborough/Plymouth hotel in southern Massachusetts. The hotel sits on 2.4 acres at 4 Chalet Road and offers amenities such as a fitness center, business center and a lobby market. The property also underwent a $3.3 million capital improvement program in 2018. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, JNR, in the transaction. Additional terms of sale were not disclosed.

November 9, 2023

Development Hospitality New Hampshire Northeast

Tuscan Brands Debuts 165-Room, Marriott-Branded Hotel at Flagship Destination in Salem, New Hampshire

by Taylor Williams November 8, 2023

SALEM, N.H. — Tuscan Brands has debuted a 165-room, Marriott-branded hotel at Tuscan Village, its 170-acre flagship shopping, dining and entertainment destination located north of Boston in Salem, New Hampshire. The Artisan at Tuscan Village features an outdoor pool, fitness facility, business center, sundries market and 12,000 square feet of meeting and event space. Guests of the boutique hotel, which is part of the Marriott International Tribute Portfolio family of brands, also have access to an adjacent full-service restaurant, as well as a rooftop bar and café located off the lobby.

November 8, 2023

Acquisitions Company News Florida Hospitality Southeast

Hilton Grand Vacations Agrees to Acquire Bluegreen Vacations for $1.5B, Including 48 Club Resorts

by John Nelson November 7, 2023

ORLANDO AND BOCA RATON, FLA. — Orlando-based Hilton Grand Vacations has entered into a definitive agreement to acquire Bluegreen Vacations, a time-share resort company based in Boca Raton. The all-cash transaction is valued at $75 per share, or $1.5 billion, including debt. The merger agreement will add more than 200,000 members and 48 club resorts in 14 new geographies for Hilton Grand Vacations. Additionally, Hilton Grand Vacations has reached a 10-year marketing agreement with Bass Pro Shops, which formerly had an exclusive marketing agreement with Bluegreen Vacations that includes a joint venture for four outdoor-themed resorts. The Bluegreen Vacations acquisition is expected to close in the first half of 2024.

November 7, 2023

Hospitality Loans Northeast Pennsylvania

JLL Arranges $215M Loan for Refinancing of Marriott Hotel in Downtown Philadelphia

by Taylor Williams November 7, 2023

PHILADELPHIA — JLL has arranged a $215 million loan for the refinancing of the 1,408-room Philadelphia Marriott Downtown hotel. The hotel, which is connected to the Pennsylvania Convention Center and recently underwent a capital improvement program, consists of a 1,198-key main tower that was built in 1994 and the 210-key historic Headhouse Tower. Hotel amenities include a 24-hour fitness center, indoor pool, lobby lounge, restaurant and new pub with duckpin bowling and billiards. Kevin Davis, Ryan Ade, Mark Fisher, Barnett Wu and Caleigh O’Connell of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital. Barclays, Wells Fargo and J.P. Morgan provided the debt.

November 7, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $120M Loan for Refinancing of Manhattan Hotel

by Taylor Williams October 31, 2023

NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $120 million loan for the refinancing of the 341-room Renaissance Hotel in Manhattan’s Chelsea neighborhood. The hotel features a variety of rooms and suites, a fitness center, meeting space and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the loan through an undisclosed life insurance company on behalf of the borrower, locally based developer LAM Generation.

October 31, 2023

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